Starting your own business is an incredibly rewarding experience, it is a unique opportunity to take control of a significant aspect of your life and to be the master of your own destiny. Of course, if starting a business was easy then everyone would be doing it, yet it is relatively few people who ultimately take the plunge. Starting a business requires not only a sharp eye and mind for the necessary details, it also requires dedication and forethought.
If you are either considering starting your own business or you have recently already done so, then you will, in all likelihood, soon be looking to take on other people, people who can provide skills and knowledge that you don’t possess yourself.
Among the many skills that small businesses need access to are those of an accountant.
What Can an Accountant Do?
From the moment your business starts operating and money starts moving in and or out of your business, then you will need to keep accurate records. Even if you are a self-employed individual, you will need to keep these records to ensure that all your income and expenses are accounted for. This is about more than your own bookkeeping. You need these records in order to file your taxes correctly, and they aren’t the kind of thing that you can do retrospectively.
An accountant can make sense of even the most haphazard collated financial records when the time comes. Once your business reaches the point where you can afford to keep an accountant as a regular member of staff, then they can help you to keep accurate records as you go. This will save you a lot of time, and stress, further down the line.
Can’t I do That Myself?
Technically, yes, if you are good at keeping records and have a reasonable understanding of math then you can keep decent financial records for your business. However, the work that an accountant does goes a step beyond mere record keeping. Having accurate records will make things easier for an accountant and, as a result, they will be better positioned to advise you financially.
An accountant will understand the laws and regulations which are relevant to your business’s finances. They will have an in-depth understanding of things like tax and will be in a position to help you reduce your expenses and maximize your profitability.
Won’t They be Expensive?
There is no simple answer to this question. Yes, an accountant can potentially be quite a significant expense, but there are ways of reducing the cost. One of the most effective ways you can gain access to an accountant for a relatively low cost is simply to have a member of your staff train in the necessary skills. If you have a member of staff who is good with numbers and who could take on another role within your business, then you should consider enrolling them in an online bachelors of accounting, such as the course offered by Maryville University. Studying online allows them to complete their bachelors degree in accounting while still working as normal. For your investment, you will end up with a trained accountant on staff.
Adding an accountant to the staff of your small business is something that you should seriously consider if you have not already done so. Poor accounting can sink vulnerable businesses and a qualified accountant on staff will help you avoid this outcome.